Kreuz Holdings' net profit up 5.4% to US$10.8m

Boosted by projects in Southeast Asia.

According to a release, Kreuz Holdings Limited, an integrated subsea service provider for the oil and gas industry, reported that the Group’s net profit increased 5.4% to US$10.8 million for the first quarter ended March 31, 2013 as compared to US$10.3 million in the previous corresponding period. This was achieved on a 1.4% increase in revenue to US$49.2 million from US$48.6 million over the same period.

Mr. Kurush Contractor, Executive Director and CEO of Kreuz, said: “Our revenue for this quarter was largely from third party and related company projects in India and Southeast Asia.

In this quarter, we also entered into a conditional shipbuilding agreement for a state-of-the-art DP MSV new build, which will further strengthen our position and asset capabilities. Going forward, we will continue to seek opportunities to increase the Group’s order book, establish new relationships, and enhance our track record and utilisation of assets.”